Business Summary:
This popular Laundromat is located in a medium density city neighborhood with a scattering of single family, townhomes, and apartments. Much nearby housing and community renovation has gone on in recent years, and a pride of neighborhood exists. Clientele are almost all from the near vicinity and there is a strong population base to support the business. The economic downturn of recent years and absentee-investor ownership has caused revenues and profits to slip. The business was very profitable under previous owner-operator ownership. Two new energy efficient hot water boilers and a new 7-1/2 ton roof top air conditioning unit were installed in 2008 for a cost of $24k. Fair market value of the washers, dryers, and other equipment is rated at $121,000. The real estate included is 56’x125’ and the building is approx. 2000 s.f. The real estate, excluding the business, was appraised in 2007 at $220,000. This is the ideal opportunity for someone wishing to run a cash business and benefit from commercial real estate appreciation. For the qualified buyer, there is also the possibility of SBA insured financing on the purchase.
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